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Real estate → Condominiums and townhomes → Homeowners' association rules and regulations
ANSWERS: 2
  • Marsha
    Monthly assessments are different from Special assessments. Monthly dues , sometimes called maintenance fees or dues cover onging costs of running the property. These can include but are not limited to landscaping, insurance, management company fees. pest control, pool maintenance etc. Special assessments are goverened by the documents. Your HOA Docs will clearly define the what and hows of a Special Assessment. An example is to cover the cost of painting the community...if there is no paint reserve fund. Notice will be sent/posted a defined number of days before the assessment can be billed.
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  • flrider
    According to your question's reference to monthly payments to the HOA the terms have the same meaning. What is it you want to know?
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